(Reuters) – Indian bluechip indexes opened higher on Friday, bolstered by IT stocks after sector-leader TCS flagged early signs of demand revival, but the rest of the market remained under pressure on worries about corporate earnings.
The Nifty 50 rose 0.21% to 23,572 points as of 9:18 a.m. IST, while the BSE Sensex was up 0.22% to 77,790.49.
Tata Consultancy Services rose 4.3%, the most on the Nifty and lifting IT stocks 2.6%, after the company said it expects a revival in client confidence and discretionary spending in North America, a key market for IT companies.
However, the 12 other major sectors logged losses at the open. Even the broader, more domestically focussed smallcaps and midcaps lost about 0.6% each.
The market has been under pressure this week due to sustained foreign outflows amid fears of a slowdown in corporate earnings as well as the rising potential for fewer U.S. rate cuts, which makes emerging markets a less attractive investment.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.